Bullion counter can trade in green as pullback in dollar index and rising Russia and Ukraine tensions supported the sentiments but the Federal Reserve’s commitment to stay on an aggressive rate-hike capped the upside. Gold can test 50250 while taking support near 50000 while Silver can move towards 57500 while taking support near 56000.
Bullion counter can trade in green as pullback in dollar index and rising Russia and Ukraine tensions supported the sentiments but the Federal Reserve’s commitment to stay on an aggressive rate-hike capped the upside. Gold can test 50250 while taking support near 50000 while Silver can move towards 57500 while taking support near 56000. Fed policymakers will press ahead with raising U.S. borrowing costs to fight soaring inflation, taking in stride both turmoil in global financial markets and early signs their actions are weakening the job market. Holdings of SPDR Gold Trust, the world’s largest gold-backed exchange-traded fund, rose to 941.15 tonnes on Thursday from 940.86 tonnes on Wednesday.
In base metal counter, Copper can trade with sideways bias as it can move in range of 635-655. According to the National Bureau of Statistics, the manufacturing purchasing managers’ index (PMI) was 50.1% in September, up 0.7 point from the previous month, back to the expansion zone. News yesterday said that the London Metal Exchange (LME) was negotiating a possible ban on Russian metal trading, and then LME copper soared. Zinc may recover further as it can test 280 while taking support near 265 in MCX. Aluminum can also trade in green as it can test 200 in MCX. Market rumours were flying last night that the LME may negotiate a possible ban on Russian metal trading, triggering a surge in the price of LME aluminium.
Crude oil may remain on volatile path as possibility that OPEC+ may agree to cut crude output when it meets on Oct. 5 supported its prices while deteriorating crude demand outlook capped the gains. Overall it can move in range of 6550-6750. WTI is set to fall by 9.3% in September, also its fourth monthly decline, and it dropped by 23% during the quarter, the first quarterly slump since the period ending in March 2020 when COVID-19 slammed demand. Leading members of the Organization of the Petroleum Exporting Countries (OPEC) and allies led by Russia, together called OPEC+, have begun discussing an output cut ahead of their meeting on Wednesday. Natural gas prices may remain on sideways path as it can move in range of 540-580 in MCX.
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